Press Release: Black Hawk Gaming & Development Company, Inc.
January 7, 2002
BLACK HAWK, CO -- Black Hawk Gaming & Development Company, Inc. (Nasdaq: BHWK), owner and operator of the Gilpin
Hotel Casino in Black Hawk, Colorado, the Gold Dust West Casino in Reno, Nevada, and 75% owner and operator of
The Lodge Casino in Black Hawk, announced that at a Special Meeting of shareholders held Friday, shareholders voted
for the approval and adoption of the Agreement and Plan of Merger, dated as of April 25, 2001 by and among Gameco,
Inc., BH Acquisition Corp. and the Company.
Pursuant to the merger agreement, Gameco, Inc., an entity controlled by Jeffrey P. Jacobs, Chairman of the Board
and Chief Executive Officer of Black Hawk, has agreed to pay $12.00 per share, in cash, for each share of common
stock of Black Hawk not currently owned by Mr. Jacobs or his affiliates. Black Hawk will become a wholly-owned
subsidiary of Gameco. While the parties anticipate consummating the transaction before the end of February, 2002,
consummation of the transaction is subject to various conditions, including, among other things, the obtaining
of various regulatory approvals, which are expected to be obtained before the end of February, 2002. Gameco expects
the financing necessary to close the merger before the end of January, 2002. If the transaction fails to close
because of Gameco's inability to obtain financing or under other specified circumstances, Black Hawk will be entitled
to liquidated damages of $2 million.
This press release contains forward-looking statements that involve risks and uncertainties relating to future
events, including whether and when the proposed merger will be consummated. These risks and uncertainties could
cause actual events or results to differ materially from those expressed or implied by the forward-looking statements.
These factors include, but are not limited to, gaming approvals which may not be obtained in a timely manner or
at all, the requisite financing may not be obtained, and other conditions to the merger may not be satisfied. Black
Hawk assumes no obligation to update the forward-looking information.
Note: News releases and other information about Black Hawk Gaming & Development Company, Inc. are available
at http://www.bhwk.com
For further information, please contact: Stephen R. Roark, President and Chief Financial Officer, or Stan Politano,
Vice President, of Black Hawk Gaming & Development Company, Inc., +1-303-582-1117; or Carl Thompson, Chief
Executive Officer of Carl Thompson Associates, +1-800-959-9677, for Black Hawk Gaming & Development Company,
Inc.
SOURCE: Black Hawk Gaming & Development Company, Inc.